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Ratings assigned and not accepted (as on 11 Mar 2026)

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Sl. No. Name of the Issuer Sector Security/Instrument Type Issue Size
(In INR Million) 		Date of Non-Acceptance Listing Status
(Listed/Proposed to be listed/Unlisted) 		Rating assigned along with Outlook
(if any) 		Whether the rating was accepted by the issuer, subsequent to the disclosure of un-accepted ratings?
(Yes/No) 		Date of subsequent acceptance of final rating assigned Final rating accepted by the issuer Whether the issuer requested for a review/appeal subsequent to disclosure of unaccepted rating?
(Yes/No) 		Whether review/appeal of the disclosed unaccepted rating was granted by ICRA.
(Yes/No) 		Remarks
(wherever applicable)
1 Thanjavur City Municipal Corporation Public Services Issuer Rating 0 20 May 2025 Unlisted [ICRA] BB+ (Stable) No No
2 Rossell Techsys Limited Aerospace & Defense Bank Facilities 3200 20 May 2025 Unlisted [ICRA]BBB-(Stable)/[ICRA]A3 No No
3 Dtwelve Spaces Private Limited Realty Bank facilities 500 14 May 2025 Unlisted [ICRA]BB+ (Stable)/[ICRA]A4+ No No
4 Shekhawati Entrepreneur Private Limited Construction Bank Facilities 50 13 May 2025 Unlisted [ICRA]B+ (Stable) Yes 15 May 2025 [ICRA]B+ (Stable) No
5 Monsun Foods Private Limited Food Products Bank Facilities 300 07 May 2025 Unlisted [ICRA]BBB (Stable)/ [ICRA]A3+ No No
6 NAMBIAR ENSEMBLERESIDENTIAL PROJECTS LLP Realty Bank Facilities 2750 07 May 2025 Unlisted [ICRA]BBB+ (Stable) No No
7 Bareilly Dairies Limited Food Products Bank Facilities 3800 02 May 2025 Unlisted [ICRA]BB+(Stable) No No
8 SMC Agri Limited Agricultural Food & other Products Bank Facilities 1150 02 May 2025 Unlisted [ICRA]BB+(Stable) No No
9 Thiruvarur Municipality Public Services Issuer Rating 0 29 Apr 2025 Unlisted [ICRA] BB- (Stable) No No
10 Sumeet Trans Logistics Private Limited Other Consumer Services Issuer Rating 0 28 Apr 2025 Unlisted [ICRA]BB+ (Stable) No No
11 SRM Hotels Private Limited Leisure Services Bank Facilities 660 25 Apr 2025 Unlisted [ICRA]BBB (Stable) No No
12 Vysyaraju Jewellers Private Limited Consumer Durables Bank Facilities 1270 23 Apr 2025 Unlisted [ICRA]BBB-(Stable) No No
13 Bhima Projects Private Limited Construction Bank Facilities 1000 17 Apr 2025 Unlisted [ICRA]BB (Stable)/[ICRA]A4 Yes 09 Sep 2025 [ICRA]BB (Stable)/[ICRA]A4 No
14 BCC Buildtech Limited Construction Bank Facilities 1110 14 Apr 2025 Unlisted [ICRA]BB+ (Stable)/ [ICRA] A4+ No No
15 Pudukkottai City Municipal Corporation Public Services Issuer Rating 0 09 Apr 2025 Unlisted [ICRA]BB (Stable) No No
16 Mannargudi Municipality Public Services Issuer Rating 0 09 Apr 2025 Unlisted [ICRA]B+(Stable) No No
17 Criss Financial Limited (erstwhile Criss Financial Holdings Limited) Finance PTC Series A1 146.1 08 Apr 2025 Unlisted Provisional [ICRA]A-(SO) Rating in the absence of the pending actions/documents: No rating would have been assigned as it would not be meaningful No No The assigned rating is provisional and would be converted into a final rating upon the execution of: 1.Trust deed 2.Assignment agreement 3. Power of Attorney 4.Legal opinion 5.Trustee letter 6.KYC Chartered Accountant’s certificate 7.Any other documents executed for the transaction
18 Nagapattinam Municipality Public Services Issuer Rating 0 08 Apr 2025 Unlisted [ICRA]B+ (Stable) No No
19 Sayaji Hotels Limited Leisure Services Bank Facilities 350 07 Apr 2025 Unlisted [ICRA]BBB+ (Stable) Yes 07 Apr 2025 [ICRA]BBB+ (Stable) No
20 Lloyds Infrastructure & Construction Limited Construction Bank Facilities 2000 04 Apr 2025 Unlisted [ICRA]BBB (Stable) No No
21 S And T Engineers Private Limited Industrial Manufacturing Bank Facilities 470 02 Apr 2025 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+ No No
22 Spray Engineering Devices Limited Industrial Manufacturing Bank Facilities 1450 21 Mar 2025 Unlisted [ICRA]BBB+ (Stable)/[ICRA]A Yes 24 Mar 2025 [ICRA]BBB+ (Stable)/[ICRA]A No
23 Rayzon Solar Private Limited Industrial Manufacturing Bank Facilities 500 17 Mar 2025 Unlisted [ICRA]BBB+(Stable) No No
24 Sunflag Iron and Steel company Limited Ferrous Metals Bank Facilities 1000 13 Mar 2025 Unlisted [ICRA]A+ (Stable) No No

Disclaimers :

Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally, ICRA Ratings should not be treated as a recommendation to buy, sell, or hold the rated debt instruments. For ratings which were un-accepted by the Issuer prior to 1st February 2023, the status in column 9 to 14 is updated only if the respective event has occurred after 1st February 2023.

For ratings which are un-accepted by the Issuer on or after 1st February 2023, the status in column 9 to 14 is shown as on date of issue of this disclosure. The '*' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings.

Please visit our website (https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list (https://www.icra.in/Rating/Index) published on ICRA website for further information on rated instruments.